SEOUL METROPOLITAN GOVERNMENT ORDINANCE ON PROMOTION OF FINANCIAL INDUSTRY
Article 1 (Purpose)
The purpose of this Ordinance is to facilitate the development of the financial industry of Seoul and to contribute to developing the regional economy, by promoting and supporting the financial industry of Seoul.
Article 2 (Definitions)
The terms used in this Ordinance are defined as follows: <Amended by Ordinance No. 7051, Mar. 28, 2019>
Article 3 (Establishment of Promotion Plan)
(1) The Mayor of the Seoul Metropolitan Government (hereinafter referred to as the "Mayor") shall establish and implement a plan to promote the financial industry.
Article 4 (Entities Eligible for Subsidies)
(1) Where a financial institution that provides or intends to provide financial services in the financial hub of Seoul has at least 10 regular Korean workers and falls under any of the following subparagraphs, the Mayor may partially provide necessary funding within budgetary limits:
Article 5 (Subsidy for Building Business Facilities)
(1) The Mayor may pay a subsidy for building business facilities to a financial institution falling under Article 4 (1) and (2). <Amended by Ordinance No. 7051, Mar. 28, 2019>
Article 6 (Subsidy for New Employment)
The Mayor may pay a subsidy for new employment to a financial institution that newly employs a Korean national, in consideration of the scale of employment, effects on the development of the local economy, and other factors.
Article 7 (Subsidy for Education and Training)
(1) The Mayor may pay a subsidy for education and training to a financial institution that educates and trains a Korean national it has newly employed, in consideration of the scale of employment, effects on the development of the local economy, and other factors.
Article 8 (Maximum Limits of Subsidies)
(1) Each year, the Mayor shall manage the subsidies prescribed in Articles 5 through 7 by properly allocating annual maximum limits of such subsidies to each type of business conducted by financial institutions and to each area in order to ensure the balanced development of the financial industry in the financial hub of Seoul.
Article 9 (Filing Applications for Subsidies)
(1) To apply for any of the subsidies prescribed in Articles 5 through 7, a financial institution eligible under Article 4 shall submit to the Mayor, supporting documents about its type of business, investment, and employment as well as its plans.
Article 10 (Special Cases concerning Subsidy for New Employment for Institutions Providing Social Finance)
The Mayor may pay a subsidy for new employment to an institution providing social finance in Seoul: Provided, That maximum limits of such subsidy shall be as specified in the attached Table.
Article 11 (Committee on Financial Industry Policies)
The Mayor may establish a Committee on Financial Industry Policies (hereinafter referred to as the "Committee"), which is comprised of around 20 financial industry experts and financial investment specialists, including one member of the Seoul Metropolitan Council, to deliberate and render advice on matters relating to promotion of the financial industry. <Amended by Ordinance No. 6333, Sep. 29, 2016>
Article 12 (Functions of Committee)
The functions of the Committee shall be as follows: <Amended by Ordinance No. 6333, Sep. 29, 2016>
Article 13 (Working Committee for Deliberation on Subsidies)
(1) The Committee may establish a working committee for deliberation on subsidies to financial institutions (hereinafter referred to as "working committee"), which is comprised of around seven finance and accounting specialists, where necessary for efficiently performing the business affairs relating to payment of subsidies.
Article 14 (Post Management)
(1) The Mayor may request relevant materials from financial institutions that have received subsidies, or require a subordinate public official to visit such financial institutions and conduct inspections where necessary to manage subsidies and verify whether the subsidies paid under this Ordinance have been duly appropriated.
Article 15 (Creating Environment for Promoting Financial Industry and Attracting Investment)
(1) In order to develop the financial industry of Seoul and attract foreign financial institutions, the Mayor may perform any of the following activities:
Article 16 (Nurturing of Finance Specialists)
(1) To nurture finance specialists necessary to create and develop the financial hub of Seoul, the Mayor may designate universities or colleges, research institutes, or other finance-related institutions or organizations as an institution that nurtures finance specialists and may have them conduct education and training.
Article 17 (Cooperation with Related Agencies)
The Mayor may conduct projects necessary for developing the financial industry of Seoul in collaboration or jointly with related agencies, and provide budget support or administrative support for such projects.
Article 18 (Administrative Support)
The Mayor may render administrative support in terms of authorization and permission where a financial institution commences a new business in the financial hub of Seoul or a foreign financial institution relocates its office to the financial hub of Seoul.
Article 19 (Enforcement Rules)
Matters necessary for the enforcement of this Ordinance shall be prescribed by rule of the Seoul Government.
- Table 1 (Standards for Payment of Subsidies and Maximum Limits) |